Wall Street edges up in end to brutal week


Employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent.

Asian shares have opened lower and are tracking the overnight plunge on Wall Street. It was up as much as 349 in early trading.

The Dow is down 528.32 points, or 2.1 percent. At one point, stocks fell 12 per cent from the latest highs, before a furious rally on Friday left the equity benchmark 1.5 per cent higher on the day.

With Thursday's 4 percent drop, the USA stock market had officially entered a correction, which is when major indexes are down at least 10 percent from their recent peaks. For the second time this week, the Dow plunged more than 1,000 points.

The S&P 500 lost $2.49-trillion in market value since January 26 through Thursday, according to S&P Dow Jones Indices.

The Dow was down by 296 points Friday afternoon after quickly rising almost 350 points in early trading. "That's a concern, and there's a lot of volatility and selling off in the stock market". Such a rapid rise is unusual, and market analysts long warned that a pullback was overdue. The Dow is still trading significantly above 20,000 point; an essentially meaningless milestone it passed through for the first time just over a year ago.

The Standard & Poor's 500 index gave up 77 points, or 2.9 percent, to 2,603. Now the S&P 500's record-long period without a 5% retreat is in jeopardy.

Still, both the Dow and S&P 500 lost more than 5 percent for the week.

In the local market, energy and materials copped the worst of the impact as oil and metal prices slid to their lowest in several weeks. The losses were steady, unlike the sharp swings seen over the past few days.

Among the sectors that have performed poorly on Wall Street this week are banks, homebuilders and tech companies. Brent crude, used to price worldwide oils, slid $2.78, or 4.3 percent, to $62.03 in London.

The dissimilarity between the recent Dow's trend and Bitcoin trend may be connected to the lifeline it received after the US Securities Exchange Commission (SEC) and the Commodities and Future Trading Commission joint hearing on Tuesday.

The S&P 500 ended down 3.8 per cent and the Dow finished down 4.2 per cent.

The Dow closed up 1.38 percent to 23,190.

In currencies, the dollar clung to its earlier gains against a basket of currencies as Wall Street's major indexes edged up.

The market got off to a mixed start on Thursday but has fallen steadily as the morning wore on. The U.K.'s FTSE 100 Index sank 1.5%. Japan's Nikkei sagged 3 per cent, en route for a weekly loss of 8.6 per cent.

The broader S&P 500 lost 34 points, or 1.3 percent, to 2,647.

"You have a fundamental difference between the economy and earnings doing well, versus interest rates going up and inflation picking up, and it's still a question of which will dominate", said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois.